I actually agree with you that partnerships are going to see an increase in affiliates sending traffic... at least for a period of time, while everybody is testing the water. Once they see who pays them more money, they may stick around, or they may be back to per-signup programs.
On the other hand, not all per-signup programs are lowering payouts (yet), and it's too early to predict whether all programs will be forced to do that. So it's hard to say whether this will be the boon to the partnership business model that most partnerships seem to think.
And if all per-signups rates are dropped, there's still an ongoing debate about which business model pays the webmaster more money in the end (even at $25/signup). My own feelings are mixed, and I wouldn't presume to have all the answers. I lean toward per-signup, but I believe each business model has its merits.
Again, time will tell.
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